Futures Traders Bet on Solana-Based Memecoin Dogwifhat (WIF) Reversal Despite Current Struggles

Futures traders are increasingly bullish on the Solana-based memecoin Dogwifhat (WIF), despite its current struggles. Analysts have spotted a potential reversal pattern, sparking hopes that the token could recover after a significant drop in value.

Futures traders are showing more bullishness on the Solana-based memecoin Dogwifhat (WIF) despite its recent price struggles.

Open interest (OI) in Dogwifhat futures surged 16% over the last two days, reaching $231.48 million on August 31, according to data from CoinGlass. This metric, which represents the total number of unsettled futures contracts, indicates growing confidence among futures traders in a potential reversal.

Several analysts, including the pseudonymous trader Bluntz, are optimistic about WIF’s price potential.

In a September 3 post on X, Bluntz highlighted a “perfect channel retest” for the asset, adding that no one is prepared for the “V-shaped reversal” that could unfold.

However, Dogwifhat’s price has largely remained flat in recent weeks. The token dropped 17% since August 25, currently trading around $1.57, according to CoinMarketCap. It has stayed below the $1.90 level for over 10 days, leading some traders to bet on a return to its July 30 price of $2.40.

Crypto trader zer0 also pointed out the potential rebound, saying that WIF “looks ready for its next leg.”

Earlier this year, WIF had a strong start but lost momentum quickly. The token hit its all-time high in March, with bullish predictions suggesting it could double in price. During this period, a crowdfunding campaign aimed to place a Dogwifhat mascot on the Las Vegas sphere, ultimately raising nearly $700,000. However, the campaign has yet to come to fruition, although organizers remain hopeful about its success.

Since September 4, Dogwifhat has seen $327.6 million in trading volume, which is nearly double that of Shiba Inu, the second-largest memecoin by market capitalization.

Back in March, Arthur Hayes, the former CEO of BitMEX, showed support for the token, stating, “The hat stays on while I count to $10.” However, as the year progressed, altcoins like WIF have not rallied as anticipated.

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